2023-08-03 13:11:14 ET
- Avid Technology ( NASDAQ: AVID ) rose 8% amid a report that Francisco Partners and Symphony Technology Group are among private equity firms competing to buy the media editing software firm.
- A deal may be reached as early as this month, according to a Reuters report, which cited people familiar with the situation. Avid is scheduled to report results on Wednesday.
- The latest update comes after Reuters also reported in May that the provider of video and audio editing software for filmmakers was working with Goldman Sachs on a sales process.
- Activist investor Impactive Capital was Avid's ( AVID ) largest holder with a 16% stake as of the end of March. The activist was given a seat on the company's board in late 2019.
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Avid Technology gains on report of takeover interest from PE firms